AmRest Holdings S.E.

Investor Presentation • May 9, 2025

Investors Presentation

Q1'25 results presentation

AmRest is a leading European listed restaurant operator, master franchiser and operator of some of…

…the world's most reputable and iconic global brands.

Data as of 31 March 2025

5 12

Saudi Arabia & UAE

664

22 countries

25

166

28

72

27

242

2

1 10

Healthy levels of revenue and ordinary operating results growth.

Commercial focus on value

Quick service restaurants and coffee

Many new products, even more diverse flavors Premium chicken offer Thrives with new flavors

Commercial focus on value

Fast casual and casual dining

Strong sales support a steady growth in revenue per store

Q1'25 revenues amounted to EUR 620.2 million, up 4.7% compared to Q1'24. Continues, steady growth in the number of own restaurants and the sales per unit.

Digital capabilities as driver of growth

The Group's progress in digitization continues to support activity levels.

Data excluding Russia.

Sales coming from proprietary kiosks, mobile apps, web ordering platforms, as well as aggregators' and franchisors' platforms. Excluding casual dining restaurants.

Underlying restaurant growth combined with strategic adjustments on non-performing business.

2,500 Non-performing businesses /strategic adjustments:

• PH Russia (59 restaurants, May 2022) • PH Germany (86 restaurants, December 2022) • PH France (121 restaurants, October 2024)

Sell of:

0

500

1,000

1,500

2,000

3,000

3,500

• KFC Russia restaurants (213 restaurants, May 2023)

3,500

8

FINANCIAL HIGHLIGHTS

Q1'25 highlights and current trading

Data excluding Russia.

AmRest sales momentum continues with heathy levels of growth.

Group's quarterly revenue hit a new all-time high for the first quarters at EUR 620.2 million

EBITDA margin expansion

Adjusted EBITDA amounted to EUR 87.8 million in 2024, 6.5% higher than in 2024.

EBITDA amounted to EUR 81.7 million in Q1 2025, up 0.7% compared to 2024.

Russia Margin w/o Russia

-10

10

30

50

70

90

110

130

150

EBIT margin expansion

EBIT amounted to EUR 13.0 million in Q1´25 impacted by extraordinary results after the disposal of SCM stake and termination of the collaboration agreement between the parties.

AmRest will conduct all supply chain management and product quality assurance services internally going forward, providing an opportunity to identify potential additional synergies to leverage future business growth.

Q1'25 P&L highlights

Reporting period	Q1'25	Q1'24	Variation
Restaurants	2,096	2,169	(73)
Equity restaurants Franchise restaurants	1,853 243	1,797 372	5 6 (129)
Revenue	620.2	592.6	4.7%
EBITDA margin	81.7 13.2%	81.1 13.7%	0.7% (0.5pp)
Adjusted EBITDA	87.8	82.4	6.5%
margin	14.2%	13.9%	0.2pp
EBIT	13.0	18.6	(30.0%)
margin	2.1%	3.1%	(1.0pp)
Net profit	(8.7)	(2.1)	-
margin	(1.4%)	(0.4%)	(1.0pp)

• ❑ Net equity restaurant count increased by 56 units during last 12 months.
• ❑ Number of franchise restaurants decreased, impacted by PH France transfer.
• ❑ Ordinary operating result, adjusted EBITDA margin, growing at 6,5%.
• ❑ EBIT and Net Profit affected by extraordinary results.

Q1'25 debt and cash evolution

• ❑ Leverage ratio at the lower end of the target, defined by the company of between 2.0x and 2.5x. *
• ❑ Efficient level of liquidity, in line with the Group´s needs.

Liquidity and leverage

Cash (EURm)	122.8
*** Available credit lines (EURm)	219.9
Leverage ratio	2.0x

*Leverage ratio defined as Net financial debt / EBITDA (Non-IFRS16).

**Net financial debt based on the bank agreement definition – borrowings at that time (no double counting) but excluding any obligations to any Group's member and deducting available cash and cash equivalents. ***Facility B and RCF of existing syndicated loans, plus others unused granted facilities.

Q1'25 financial debt profile

Financial debt structure and maturity profile

❑ Stable and balanced funding profile

Financial debt excluding IFRS 16 lease liabilities.

AmRest, a diversified multinational company

Business is distributed between three different geographical segments for analysis purposes. Breakdown of Sales, EBITDA and unit count for Q1'25 by segment:

CEE including Poland, Czechia, Hungary, Romania, Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia. WE including Spain, France, Germany, Portugal, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia, Andorra. Others which covers among other corporate office expenses.

Segment breakdown | CEE

• ➢ Revenues reached EUR 366.5 million, with YoY growth of 9.3%.
• ➢ EBITDA at EUR 62.4 million growing at 6.1% YoY and margin reaching 17.0%.

Q3 2024 EBITDA includes EUR 9.3m retail tax refund in Poland

Segment breakdown | WE

Segment breakdown | WE

• ➢ Revenues reached EUR 209.5 million, a decrease of -4.2% compared to Q1'24.
• ➢ EBITDA reached EUR 29.5 million, 6.2% higher than in Q1'24, representing a margin of 14.1% (+1.4pp).

Franchise PH France FZ Equity PH France EQ

Segment breakdown | China

Segment breakdown | China

• ➢ Revenues reached EUR 21.9 million, showed a slow but promising growth of 1.4% compared to the same period in 2024.
• ➢ The EBITDA almost at the same level as in 2024, with EBITDA margin of 18.4%.

APPENDIX

AmRest footprint

Saudi Arabia & UAE China ¹⁰ Store count by country 2,096 restaurants brands countries - 135 15 44 - 83 - 649 15 - 15 - 33 - 58 - 242 - - 22 3 39 - 163 3 - 62 - 72 - - - - 66 153 4 - - 2 197 155 - 150 - 174 - - 93 37 165 37 7 75 7 - 3 - 10 - 40 - 4 2 19 24 116 26 - 175 18 97 - 432 - 70 155 116 61 75 7 - 2 1853 243 Czechia Romania Spain Total Poland Hungary Germany Other* France China Total

Equity|Franchise *Other: Bulgaria, Serbia, Croatia, Slovakia, Austria, Slovenia, Portugal, Andorra, Belgium, Switzerland, Luxembourg, UK, UAE, Saudi Arabia Data as of 31 March 2025. Doesn't include Starbucks licensed stores in Germany

Balance Sheet

Note	31 March 2025	31 December 2024
Assets
Property, plant and equipment	656.0	649.6
Right-of-use assets	910.2	896.3
Goodw ill	211.9	212.5
Intangible assets	240.1	238.2
Investment properties	1.2	1.2
Other non-current assets	24.4	24.3
Deferred tax assets	61.2	57.6
Total non-current assets	2,105.0	2,079.7
Inventories	33.2	33.1
Trade and other receivables	67.8	76.1
Income tax receivables	3.0	2.3
Other current assets	12.2	8.6
Cash and cash equivalents	122.8	139.6
Assets classified as held for sale 5	0.0	29.0
Total current assets	239.0	288.7
Total assets	2,344.0	2,368.4

	Note	31 March 2025	31 December 2024
Equity
Share capital	9	22.0	22.0
Reserves	9	172.3	170.8
Retained earnings		177.2	187.0
Translation reserve	9	(2.9)	(7.2)
Equity attributable to shareholders of the parent		368.6	372.6
Non-controlling interests		6.1	15.8
Total equity		374.7	388.4
Liabilities
Loans and borrow ings	11	590.3	580.9
Lease liabilities		789.3	781.1
Provisions		17.6	17.9
Deferred tax liability		35.7	34.9
Other non-current liabilities and employee benefits		7.2	7.4
Total non-current liabilities		1,440.1	1,422.2
Loans and borrow ings	11	55.8	36.5
Lease liabilities		190.9	188.8
Provisions		7.7	7.3
Trade payables and other liabilities		268.1	308.8
Income tax liabilities		6.7	6.5
Liabilities directly associated to assets held for sale	5	0.0	9.9
Total current liabilities		529.2	557.8
Total liabilities		1,969.3	1,980.0
Total equity and liabilities		2,344.0	2,368.4

Segment breakdown

	3 MONTHS ENDED					3 MONTHS ENDED
	31 March 2025		31 March 2024		31 March 2025				31 March 2024
	Amount	% of sales	Amount	% of sales		Amount	% of sales	Amount	% of sales
Revenue	620.2	100.0%	592.6	100.0%	Adjusted EBITDA*	87.8	14.2%	82.4	13.9%
Poland	193.3	31.2%	173.5	29.3%	Poland	31.1	16.1%	28.0	16.1%
Czechia	81.3	13.1%	77.1	13.0%	Czechia	16.7	20.6%	16.7	21.7%
Hungary	51.5	8.3%	49.0	8.3%	Hungary	9.0	17.5%	9.0	18.3%
Other CEE	40.4	6.5%	35.7	6.0%	Other CEE	6.5	15.9%	6.1	17.0%
Total CEE	366.5	59.1%	335.3	56.6%	Total CEE	63.3	17.3%	59.8	17.8%
Spain	86.5	13.9%	88.4	14.9%	Spain	18.6	21.5%	17.4	19.7%
Germany	45.2	7.3%	45.3	7.7%	Germany	4.9	10.9%	5.1	11.3%
France	69.8	11.3%	76.8	13.0%	France	4.8	6.9%	4.9	6.4%
Other WE	8.0	1.3%	8.2	1.4%	Other WE	1.3	14.7%	0.6	6.7%
Western Europe (WE)	209.5	33.8%	218.7	36.9%	Western Europe (WE)	29.6	14.1%	28.0	12.8%
China	21.9	3.5%	21.6	3.7%	China	4.0	18.6%	4.1	19.1%
Other	22.3	3.6%	17.0	2.9%	Other	(9.1)	(41.0%)	(9.5)	(56.3%)
EBITDA	81.7	13.2%	81.1	13.7%	EBIT	13.0	2.1%	18.6	3.1%
Poland	30.6	15.9%	27.3	15.7%	Poland	10.5	5.5%	10.2	5.9%
Czechia	16.6	20.4%	16.6	21.6%	Czechia	7.7	9.5%	8.7	11.3%
Hungary	8.8	17.2%	8.8	18.1%	Hungary	3.9	7.6%	4.4	8.9%
Other CEE	6.4	15.7%	6.1	16.9%	Other CEE	1.5	3.5%	1.8	5.2%
Total CEE	62.4	17.0%	58.8	17.5%	Total CEE	23.6	6.4%	25.1	7.5%
Spain	18.6	21.5%	17.3	19.6%	Spain	8.8	10.2%	7.4	8.5%
Germany	4.9	10.7%	4.9	10.9%	Germany	(3.4)	(7.5%)	(1.9)	(4.2%)
France	4.8	6.9%	4.9	6.4%	France	(1.3)	(1.8%)	(1.6)	(2.1%)
Other WE	1.2	14.7%	0.6	6.7%	Other WE	0.3	4.0%	(0.3)	(3.3%)
Western Europe (WE)	29.5	14.1%	27.7	12.7%	Western Europe (WE)	4.4	2.1%	3.6	1.7%
China	4.0	18.4%	4.1	18.9%	China	(0.5)	(2.3%)	(0.3)	(1.5%)
Other	(14.2)	(63.8%)	(9.5)	(56.3%)	Other	(14.5)	(65.0%)	(9.8)	(57.7%)

* Adjusted EBITDA – EBITDA adjusted for non operative gain/loss as extraordinary results from acquisitions or divesting of business or assets, new openings expenses (Start-up costs).

EBITDA bridge

	3 MONTHS ENDED
		31 March 2025	31 March 2024
	Amount	% of sales	Amount	% of sales
Profit/(loss) for the period	(8.7)	(1.4%)	(2.1)	(0.4%)
+ Finance costs	20.6	3.3%	22.3	3.8%
– Finance income	(4.1)	(0.7%)	(0.9)	(0.2%)
+/– Income tax expense	5.2	0.8%	(0.7)	(0.1%)
+ Depreciation and Amortisation	69.2	11.2%	62.1	10.5%
+ Impairment losses	(0.5)	(0.1%)	0.4	0.1%
EBITDA	81.7	13.2%	81.1	13.7%
+ Start-up expenses*	1.1	0.2%	1.3	0.2%
'+ SCM loss of control effect	5.0	0.8%	0.0	-
Adjusted EBITDA	87.8	14.2%	82.4	13.9%

* operating costs incurred by the company to open a restaurant but before a restaurant starts generating revenue.

P&L

			3 MONTHS ENDED
	Note	31 March 2025	31 March 2024
Restaurant sales		581.6	556.5
Franchise and other sales		38.6	36.1
Total revenue	4	620.2	592.6
Restaurant expenses:
Food and merchandise	6	(160.6)	(154.9)
Payroll and other employee benefits	6	(152.0)	(147.4)
Royalties	6	(29.4)	(27.8)
Occupancy, depreciation and other operating expenses	6	(187.9)	(174.4)
Franchise and other expenses	6	(30.3)	(27.1)
Gross Profit		60.0	61.0
General and administrative expenses	6	(45.0)	(44.2)
Net impairment losses on financial assets		0.5	(0.4)
Net impairment losses on non-financial assets		0.0	0.0
Other operating income/expenses		(2.5)	2.2
Profit/loss from operations		13.0	18.6
Finance income	7	4.1	0.9
Finance costs	7	(20.6)	(22.3)
Profit/loss before tax		(3.5)	(2.8)
Income tax expense	8	(5.2)	0.7
Profit/loss for the period		(8.7)	(2.1)
Attributable to:
Shareholders of the parent		(9.8)	(2.8)
Non-controlling interests		1.1	0.7

Listing details

Shares issued: 219.6m

Listing venues: Warsaw (since 2005) Madrid (since 2018) ISIN: ES010537500

*Last update as of 31 March 2024

**Artal International, S.C.A. transferred its entire stake in AmRest Holdings, SE (5.289%) to its wholly-owned subsidiary FYNVEUR, S.C.A.

***FCapital Dutch S.L. is the subsidiary of Finaccess Capital, S.A. de C.V. Grupo Finaccess SAPI de CV is the direct majority shareholder of Finaccess Capital, S.A. de C.V. and a subsidiary of Grupo Far-Luca, S.A. de C.V. The direct majority shareholder of Grupo Far-Luca, S.A. de C.V., Mr. Carlos Fernández González, is a honorary chairman of AmRest (non-Board member)

Glossary

• EBITDA It is a close measure of profitability on operations and consist of profit from operations excluding amortization and depreciation costs as well as impairments.
• EBITDA margin –EBITDA divided by total revenue
• Adjusted EBITDA EBITDA adjusted for non operative gain/loss as extraordinary results from acquisitions or divesting of business or assets, new openings expenses (Start-up costs), M&A expenses; all material expenses connected with successful acquisition covering professional services (legal, financial, other) directly connected with a transaction and gain/loss on sale of shares/entities.
• EBIT margin –EBIT divided by total revenue
• Same Store Sales ("SSS") represents revenue growth from comparable restaurants (restaurants that have been operating for a period of longer than 12 months)
• Eq Equity restaurants.
• Fr Franchise restaurants.
• Leverage ratio defined as Net Debt/EBITDA.
• Net financial debt Long-term interest-bearing loans and borrowings + short-term interest-bearing loans and borrowings cash & cash equivalents
• Interest paid ratio = EBITDA/ total interest paid.
• Interest paid refers to the total interest charges.
• Digital sales own channels, aggregators/third parties and self-service kiosks
• CAPEX investments capitalized during the period on Property, Plant and Equipment, and on intangible assets.

This Presentation regarding AMREST HOLDINGS, SE ("AmRest" or the "Company") has been prepared for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. "Presentation" means this document, its contents or any part of it, as well as any oral presentation, any question or answer session and any written or oral material discussed or distributed during meetings carried out in connection with this document. The Presentation is intended to be used and must be used for informational purposes of the recipient (the "Recipient"). By accepting these Presentation, the Recipient agrees that it will maintain its confidentiality and neither it nor its agents, representatives, officers or employees will copy, reproduce or distribute to others these Presentation, in whole or in part, at anytime without the prior written consent of the Company and it will keep confidential all information contained herein or otherwise made available in connection with any analysis of the Company. Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties.

Neither AmRest nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. Neither this Presentation nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

This Presentation may include forward-looking statements about AmRest's industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information. The words "believe", "expect", "expectations", "anticipate", "intends", "estimate", "forecast", "project", "will", "may", "should" and similar expressions may identify forward-looking statements. Other forward-looking statements can be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of AmRest and the environment in which AmRest expects to operate in the future and do not represent, by their own nature, any guarantee of future fulfilment. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of AmRest, or industry results, to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements should not be taken as forecasts or promises and they should not be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. As a result, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. These forward-looking statements are only valid on the date on which they were made. AmRest does not assume any obligation to publicly update or review the forward-looking statements to adapt them to events or circumstances taking place after the date hereof, including changes in AmRest's business, changes in its business development strategy or any other circumstances under or out AmRest's control.

The information in this Presentation, which does not purport to be comprehensive, has not been independently verified, applies only as of the date of this Presentation and is not intended to give any assurances as to future results. AmRest expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements contained in this Presentation, and will not publicly release any revisions that may affect the information contained in this Presentation and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forwardlooking statements are based or any change in whichever other events or circumstances arising on or after the date of this Presentation.

In addition, this Presentation may contain information derived from publicly-available sources and AmRest accepts no responsibility whatsoever and makes no representation or warranty expressed or implied for the fairness, accuracy, completeness or verification of such information and it assumes no obligation to keep such information updated, correct it in the case that any deficiency, error or omission is detected. Moreover, in reproducing these contents, AmRest may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, AmRest assumes no liability for any discrepancy.

Certain financial and statistical information contained in this Presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain management financial and operating measures included in this Presentation have not been subject to a financial audit or have been independently verified by a third party. In addition, certain figures contained in this Presentation, which have also not been subject to financial audit, may be combined and pro forma figures. The financial information contained herein may also include items which are not defined under the International Financial Reporting Standards as adopted by the European Union (IFRS-EU) and which are considered to be "alternative performance measures". Other companies may calculate such financial information differently or may use such measures for different purposes, limiting the usefulness of such measures as comparative measures. Such financial information must be considered only in addition to, and not as a substitute for or superior to, financial information prepared in accordance with IFRS-EU.

IMPORTANT INFORMATION: This Presentation does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase, sales or exchange offer, or advice on any stock issued by AmRest. In particular, this Presentation and the information contained herein do not form part of or constitute (i) an offer to acquire or subscribe shares, in accordance with the Spanish Securities Market Act and its implementing regulation or (ii) an offer to purchase, sell or exchange securities, a solicitation of any offer to purchase, sell or exchange securities or a solicitation of any kind of voting rights in any other jurisdiction.

The information contained in this Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinion and conclusions on such matters and for making your own independent assessment of the information included in this Presentation. You are solely responsible for seeking independent professional advice and for any action taken on the basis of the information contained herein. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of the information included in this Presentation.